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Article
Publication date: 18 January 2016

Karim Marini Thomé and Janann Joslin Medeiros

– The purpose of this paper is to identify and describe the drivers of trading company strategy that explain trading company success in international business.

Abstract

Purpose

The purpose of this paper is to identify and describe the drivers of trading company strategy that explain trading company success in international business.

Design/methodology/approach

The strategy tripod that results from combining the industry-, resource- and institution-based views, each of which proposes specific drivers of strategic success, was used as the framework for investigating, in a longitudinal perspective, the drivers of the strategy of a trading company and its success in emerging economies. Data were collected using in-depth interviews, document analysis and non-participant observation and analyzed using content analysis techniques.

Findings

Rather than a single driver, the authors found that strategic choices were driven at times by the demands of industrial competitiveness, at times by firm resources and capabilities, and at times by institutional conditions. There was evidence neither of a linear chronological order for these drivers, nor of driver obsolescence. On the contrary, findings suggest that drivers are cumulative and interactive. Changes in organizational resources and capabilities or in competitive or institutional environments can force review and re-thinking of strategic objectives.

Research limitations/implications

Generalization is affected by the fact that the study focusses on the experience of one individual trading company.

Practical implications

From a pragmatic, managerially oriented perspective, the findings show the importance to be alert to all the tripod legs over time, and not belittle the institutional context. This fact is noted by the data, which not realize a timeline or order between the drivers and the strategies adopted by the firm.

Originality/value

The paper is of value in showing the drivers of trading company strategy and the determinants of trading company success in emerging economies using a longitudinal perspective rather than the more usual sectional perspective. In addition, the study is original in simultaneously investigating all three legs of the strategy tripod and providing empirical evidence about how the respective drivers interact over time.

Details

International Journal of Emerging Markets, vol. 11 no. 1
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 1 April 1987

Lyn S. Amine

This paper is positioned as a manager's guide to the new export opportunity, the export trading company (ETC). ETCs are defined in terms of both the legislative provisions…

Abstract

This paper is positioned as a manager's guide to the new export opportunity, the export trading company (ETC). ETCs are defined in terms of both the legislative provisions and practical managerial opportunities. A number of different ETC models are presented, both hypothetical and real. Guidelines for creating or joining an ETC are offered, and expectations for short‐term performance are assessed by reference to practical examples of new ETCs. Perspectives for future development of U.S. ETCs are also presented.

Details

Journal of Business & Industrial Marketing, vol. 2 no. 4
Type: Research Article
ISSN: 0885-8624

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Article
Publication date: 1 March 1990

Roberto Friedmann

Debt‐equity swaps are currently very popular instruments to reducedebt obligations by developing countries. American trading companies cannow be formed with equity…

Abstract

Debt‐equity swaps are currently very popular instruments to reduce debt obligations by developing countries. American trading companies can now be formed with equity participation of US banks and can be exempt from routine anti‐trust legislation as a result of recent legislation. This article suggests that debt‐equity swaps can prove to be a powerful tool for enhancing the formation of new American trading companies and, in the case of existing ones, add to their ability to establish a presence in foreign markets.

Details

International Marketing Review, vol. 7 no. 3
Type: Research Article
ISSN: 0265-1335

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Book part
Publication date: 26 February 2016

Yanica Caruana

The purpose of this chapter is to establish whether director trades provide information to investors about the future prospects of the company they form part of and thus…

Abstract

Purpose

The purpose of this chapter is to establish whether director trades provide information to investors about the future prospects of the company they form part of and thus reduce the information asymmetry beyond what is already conveyed in the financial statements.

Methodology/approach

Director Dealings were dealt with as an investment strategy by looking at past transactions of directors executed between January 2005 and December 2014 on the Malta Stock Exchange (MSE) and evaluating whether there was an increase in returns for investors who copy director trades. The study focused on whether short-term abnormal returns for up to 12 months after the transaction date, being either a buy or a sale, were made by directors in Malta when trading in their own companies.

Findings

The results show that in the short-term period of up to 12 months after the transaction date, Maltese directors do transmit information to the market both when they purchase shares in their own companies and also when they sell shares. The interesting fact about the study is that in Malta sale transactions are more valuable to the outsiders than purchase transactions. Apart from this, the results also show that some companies which are listed on the MSE are more indicative as to their future performance than others. It was ultimately concluded that even though there are informational asymmetries between directors in a company and outsiders, an outsider cannot trade solely by following director trades. The implications of the findings are discussed.

Originality/value

This study attempts to determine the level of significance that each insider trade has on the Maltese market, what each director trade conveys to the said market and if these trades are valuable to the outside investors even though such investors do not have knowledge of the grounds upon which the directors trade.

Details

Contemporary Issues in Bank Financial Management
Type: Book
ISBN: 978-1-78635-000-8

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Article
Publication date: 14 October 2013

Jacob Hörisch

This paper aims to identify under which circumstances company internal emission trading schemes (IETS) are applied and to examine their actual effects on corporate

Abstract

Purpose

This paper aims to identify under which circumstances company internal emission trading schemes (IETS) are applied and to examine their actual effects on corporate greenhouse-gas (GHG) emissions.

Design/methodology/approach

Using contingency theory, factors are identified that influence corporate decisions to introduce an IETS. To examine the effects of IETSs, emissions data for a sample of large German companies is used for linear regression modelling.

Findings

The paper finds that today, IETSs are mainly applied by companies with high levels of emissions that are subject to external trading schemes. The current use of IETSs seems to be primarily driven by the interest to reduce emissions cost-efficiently. Testing the effects of IETSs reveals that they are able to reduce corporate GHG emissions significantly.

Research limitations/implications

The effects of IETSs are only tested for companies subject to an external emission trading scheme. Furthermore, the analysis does not distinguish between different types of IETSs. Future research should address the issue of whether the reductions observed also hold true for companies not subject to external trading schemes and should formulate recommendations on how IETSs should be designed.

Practical implications

The paper informs practitioners about the potential benefits of IETSs.

Originality/value

For the first time, the effects of IETSs are tested for companies subject to an external emission trading scheme. The analysis suggests that a new academic debate on IETSs is needed as the introduction of external emission trading schemes has not rendered IETSs redundant.

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Article
Publication date: 1 November 1997

Paul Herbig and Alan T. Shao

Japanese General Trading Companies or sogo shoshas have been instrumental in the phenomenal Japanese economic miracle of the last 40 years. In 1982, the USA passed the…

Abstract

Japanese General Trading Companies or sogo shoshas have been instrumental in the phenomenal Japanese economic miracle of the last 40 years. In 1982, the USA passed the Export Trading Company Act to home grow its own sogo shoshas; to date the Act has been ineffective ‐ yet the need remains. Examines what trading companies are and what functions they perform. Observes the steps that need to be taken to make them profitable and successful. Postulates that trading companies are an integral part of this country’s future.

Details

Marketing Intelligence & Planning, vol. 15 no. 6
Type: Research Article
ISSN: 0263-4503

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Article
Publication date: 1 May 1993

Alan T. Shao and Paul Herbig

The Japanese “sogo shosha” – Japanese GeneralTrading Companies – have played a major role in the phenomenalgrowth of the Japanese economy. Throughout the century, sogo…

Abstract

The Japanese “sogo shosha” – Japanese General Trading Companies – have played a major role in the phenomenal growth of the Japanese economy. Throughout the century, sogo shosha have secured raw material import inputs and have marketed and manufactured high value‐added exports of the Japanese economic machine. However, the twenty‐first century is nearly here – along with its global interdependent economy. How will the sogo shosha respond and adapt to these new economic realities? Does the sogo shosha have a future? The answer is “Yes”, but some changes are necessary if the sogo shosha are to survive in the next century.

Details

International Marketing Review, vol. 10 no. 5
Type: Research Article
ISSN: 0265-1335

Keywords

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Book part
Publication date: 10 August 2015

Matthew Norton

Several explanations for the Royal African Company’s failure around the turn of the eighteenth century have been suggested. The paper argues that these reasons can be…

Abstract

Several explanations for the Royal African Company’s failure around the turn of the eighteenth century have been suggested. The paper argues that these reasons can be integrated into a more comprehensive account of the company’s failure through the introduction of a modified version of principal-agent theory. Instead of focusing on abstract, dyadic relationships, the paper proposes a model that accounts for the meaningful character of principal agent interactions and for the complex networks and multiple role identities of actors within those networks that comprised principal-agent relations within the company. On the basis of this model the failure of the company can be seen as a result of contradictions between its dual role as both agent and principal. The symbolic importance of inefficient trading practices helps to explain why the company was unable to pursue alternative strategies or otherwise benefit from its monopoly.

Details

Chartering Capitalism: Organizing Markets, States, and Publics
Type: Book
ISBN: 978-1-78560-093-7

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Abstract

Details

Financial Derivatives: A Blessing or a Curse?
Type: Book
ISBN: 978-1-78973-245-0

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Book part
Publication date: 17 February 2020

Simon Grima and Eleftherios I. Thalassinos

Abstract

Details

Financial Derivatives: A Blessing or a Curse?
Type: Book
ISBN: 978-1-78973-245-0

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